From Lucio Magini s wall. What hes pointing out is that the Euro zone crisis has been deftly repackaged for public consumption, as being a crisis precipitated by the over indebtedness of the public finances themselves - after which the public could reasonably be asked to pay for the consequent massive bailouts. Its a clever ruse because that public indebtedness is undeniably real - but its in essence a public relations stunt. This article extract objects, pointing out the real cause of the systemic collapse was an out of control system of banking and credit. I have heard echoes of this over on this side of the pond. That the cause of collapse was an entire economic system grown to be grossly inefficient. But for me those inefficiencies and misallocations of development capital are only the symptoms, and this articles thesis is correct. The sole macro event which spawned the great financial crisis was a system of banking which turned banks into casinos, not just in Italy or Spain or Greece, but with focal point of origin, as of the past 15 years or more, originating from the USA. That is the widest set of parentheses to put around all events since 2007. And the most searing point made here is that this very sector is the one that is being most coddled from Brussels. It is exactly the same blueprint that has been followed in the US. What we are witnessing is a gigantic asset grab, through which the serfdom of the public is being accelerated. Dramatic assertions can easily resemble melodrama, but here the opposite is true. Europe and America walk hand in hand towards accelerating serfdom. Economic competitiveness and capital misallocation are touted as the reason for all the pain, by the casinos that caused the crisis, while meaningful financial reform is firmly locked in the basement. Quote: [ La prima è consistita, come ricordato sopra, nel camuffare la crisi come se questa volta non avesse origini nel sistema bancario, bensì fosse dovuta al debito eccessivo degli Stati, provocato a loro dire dall’eccessiva spesa sociale. In secondo luogo, nella previsione che tale schema interpretativo non fosse sufficiente per tenere mogi i cittadini, hanno imboccato la strada dell’autoritarismo emergenziale. ] This is a carbon copy of the game plan in the USA.
Posted on: Fri, 15 Nov 2013 16:12:50 +0000
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